IDEAS home Printed from https://ideas.repec.org/a/eee/respol/v49y2020i10s0048733320301293.html
   My bibliography  Save this article

Bridging the equity gap for young innovative companies: The design of effective government venture capital fund programs

Author

Listed:
  • Alperovych, Yan
  • Groh, Alexander
  • Quas, Anita

Abstract

Governmental venture capital funds (GVCs) are created by policymakers around the world to support young innovative companies (YICs) with the aim of “bridging the equity gap”. In this paper, we study the heterogeneity in the design of GVC programs in Europe and identify the design features that are most effective in achieving the desired outcomes of this policy. Specifically, we focus on the probability that GVC-backed companies will receive additional funds from private venture capital investors and, ultimately, changes in their growth and innovation outcomes. We find that the choices of location, colocation, syndication and industry focus of a GVC program substantially influence the extent to which it is able to achieve such goals. Important policy implications are discussed.

Suggested Citation

  • Alperovych, Yan & Groh, Alexander & Quas, Anita, 2020. "Bridging the equity gap for young innovative companies: The design of effective government venture capital fund programs," Research Policy, Elsevier, vol. 49(10).
    • Handle: RePEc:eee:respol:v:49:y:2020:i:10:s0048733320301293
    DOI: 10.1016/j.respol.2020.104051
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0048733320301293
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.respol.2020.104051?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. N. Berger, Allen & F. Udell, Gregory, 1998. "The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 613-673, August.
    2. Cumming, Douglas J. & MacIntosh, Jeffrey G., 2006. "Crowding out private equity: Canadian evidence," Journal of Business Venturing, Elsevier, vol. 21(5), pages 569-609, September.
    3. Evans, David S, 1987. "The Relationship between Firm Growth, Size, and Age: Estimates for 100 Manufacturing Industries," Journal of Industrial Economics, Wiley Blackwell, vol. 35(4), pages 567-581, June.
    4. Alperovych, Yan & Hübner, Georges & Lobet, Fabrice, 2015. "How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium," Journal of Business Venturing, Elsevier, vol. 30(4), pages 508-525.
    5. Auerswald, Philip E & Branscomb, Lewis M, 2003. "Valleys of Death and Darwinian Seas: Financing the Invention to Innovation Transition in the United States," The Journal of Technology Transfer, Springer, vol. 28(3-4), pages 227-239, August.
    6. Sophie Manigart & Katleen Baeyens & Wim Van Hyfte, 2002. "The survival of venture capital backed companies," Venture Capital, Taylor & Francis Journals, vol. 4(2), pages 103-124, April.
    7. Sabrina T. Howell & Marina Niessner & David Yermack, 2018. "Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales," NBER Working Papers 24774, National Bureau of Economic Research, Inc.
    8. Kristle Romero Cortés & Josh Lerner, 2013. "Bridging the Gap? Government Subsidized Lending and Access to Capital," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 2(1), pages 98-128.
    9. Giulio Bottazzi & Alex Coad & Nadia Jacoby & Angelo Secchi, 2011. "Corporate growth and industrial dynamics: evidence from French manufacturing," Applied Economics, Taylor & Francis Journals, vol. 43(1), pages 103-116.
    10. Criscuolo, Chiara & Gal, Peter N. & Menon, Carlo, 2014. "The dynamics of employment growth: new evidence from 18 countries," LSE Research Online Documents on Economics 60286, London School of Economics and Political Science, LSE Library.
    11. Anna Kovner & Josh Lerner, 2015. "Doing Well by Doing Good? Community Development Venture Capital," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 24(3), pages 643-663, September.
    12. Shai Bernstein & Xavier Giroud & Richard R. Townsend, 2016. "The Impact of Venture Capital Monitoring," Journal of Finance, American Finance Association, vol. 71(4), pages 1591-1622, August.
    13. Norin Arshed & Sara Carter & Colin Mason, 2014. "The ineffectiveness of entrepreneurship policy: is policy formulation to blame?," Small Business Economics, Springer, vol. 43(3), pages 639-659, October.
    14. Casamatta, Catherine & Haritchabalet, Carole, 2007. "Experience, screening and syndication in venture capital investments," Journal of Financial Intermediation, Elsevier, vol. 16(3), pages 368-398, July.
    15. Munari, Federico & Toschi, Laura, 2015. "Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?," Journal of Business Venturing, Elsevier, vol. 30(2), pages 205-226.
    16. C. Mueller & P. Westhead & M. Wright, 2012. "Formal venture capital acquisition: can entrepreneurs compensate for the spatial proximity benefits of south east of England and ‘star’ golden triangle universities?," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 12/802, Ghent University, Faculty of Economics and Business Administration.
    17. Gompers, Paul A. & Gornall, Will & Kaplan, Steven N. & Strebulaev, Ilya A., 2020. "How do venture capitalists make decisions?," Journal of Financial Economics, Elsevier, vol. 135(1), pages 169-190.
    18. Colin Mason & Yannis Pierrakis, 2013. "Venture Capital, the Regions and Public Policy: The United Kingdom since the Post-2000 Technology Crash," Regional Studies, Taylor & Francis Journals, vol. 47(7), pages 1156-1171, July.
    19. Scott Shane, 2009. "Why encouraging more people to become entrepreneurs is bad public policy," Small Business Economics, Springer, vol. 33(2), pages 141-149, August.
    20. Colin Mason & Richard Harrison, 2001. "'Investment Readiness': A Critique of Government Proposals to Increase the Demand for Venture Capital," Regional Studies, Taylor & Francis Journals, vol. 35(7), pages 663-668.
    21. Robert E. Carpenter & Bruce C. Petersen, 2002. "Capital Market Imperfections, High-Tech Investment, and New Equity Financing," Economic Journal, Royal Economic Society, vol. 112(477), pages 54-72, February.
    22. Yael V. Hochberg & Alexander Ljungqvist & Yang Lu, 2007. "Whom You Know Matters: Venture Capital Networks and Investment Performance," Journal of Finance, American Finance Association, vol. 62(1), pages 251-301, February.
    23. Worek, Maija & De Massis, Alfredo & Wright, Mike & Veider, Viktoria, 2018. "Acquisitions, disclosed goals and firm characteristics: A content analysis of family and nonfamily firms," Journal of Family Business Strategy, Elsevier, vol. 9(4), pages 250-267.
    24. Colin Mason & Richard Harrison, 2003. "Closing the Regional Equity Gap? A Critique of the Department of Trade and Industry's Regional Venture Capital Funds Initiative," Regional Studies, Taylor & Francis Journals, vol. 37(8), pages 855-868.
    25. Shai Bernstein & Arthur Korteweg & Kevin Laws, 2017. "Attracting Early-Stage Investors: Evidence from a Randomized Field Experiment," Journal of Finance, American Finance Association, vol. 72(2), pages 509-538, April.
    26. James A. Brander & Qianqian Du & Thomas Hellmann, 2015. "The Effects of Government-Sponsored Venture Capital: International Evidence," Review of Finance, European Finance Association, vol. 19(2), pages 571-618.
    27. Albert N. Link & John T. Scott, 2013. "Governments as entrepreneur: Evaluating the commercialization success of SBIR projects," Chapters, in: Public Support of Innovation in Entrepreneurial Firms, chapter 2, pages 25-38, Edward Elgar Publishing.
    28. Josh Lerner, 2010. "The future of public efforts to boost entrepreneurship and venture capital," Small Business Economics, Springer, vol. 35(3), pages 255-264, October.
    29. Amrit Tiwana, 2008. "Does interfirm modularity complement ignorance? A field study of software outsourcing alliances," Strategic Management Journal, Wiley Blackwell, vol. 29(11), pages 1241-1252, November.
    30. Ai, Chunrong & Norton, Edward C., 2003. "Interaction terms in logit and probit models," Economics Letters, Elsevier, vol. 80(1), pages 123-129, July.
    31. Mara Faccio & Hung-Chia Hsu, 2017. "Politically Connected Private Equity and Employment," Journal of Finance, American Finance Association, vol. 72(2), pages 539-574, April.
    32. Meuleman, Miguel & De Maeseneire, Wouter, 2012. "Do R&D subsidies affect SMEs’ access to external financing?," Research Policy, Elsevier, vol. 41(3), pages 580-591.
    33. Lerner, Josh, 1999. "The Government as Venture Capitalist: The Long-Run Impact of the SBIR Program," The Journal of Business, University of Chicago Press, vol. 72(3), pages 285-318, July.
    34. Colombo, Massimo G. & D’Adda, Diego & Quas, Anita, 2019. "The geography of venture capital and entrepreneurial ventures’ demand for external equity," Research Policy, Elsevier, vol. 48(5), pages 1150-1170.
    35. Colin Mason & Ross Brown, 2013. "Creating good public policy to support high-growth firms," Small Business Economics, Springer, vol. 40(2), pages 211-225, February.
    36. Sophie Manigart & Andy Lockett & Miguel Meuleman & Mike Wright & Hans Landström & Hans Bruining & Philippe Desbrières & Ulrich Hommel, 2006. "Venture Capitalists' Decision to Syndicate," Post-Print halshs-00078062, HAL.
    37. Cumming, Douglas J. & Grilli, Luca & Murtinu, Samuele, 2017. "Governmental and independent venture capital investments in Europe: A firm-level performance analysis," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 439-459.
    38. Peltzman, Sam, 1976. "Toward a More General Theory of Regulation," Journal of Law and Economics, University of Chicago Press, vol. 19(2), pages 211-240, August.
    39. Cumming, Douglas & Dai, Na, 2010. "Local bias in venture capital investments," Journal of Empirical Finance, Elsevier, vol. 17(3), pages 362-380, June.
    40. Giot, Pierre & Schwienbacher, Armin, 2007. "IPOs, trade sales and liquidations: Modelling venture capital exits using survival analysis," Journal of Banking & Finance, Elsevier, vol. 31(3), pages 679-702, March.
    41. Sophie Manigart & Andy Lockett & Miguel Meuleman & Mike Wright & Hans Landström & Hans Bruining & Philippe Desbrières & Ulrich Hommel, 2006. "Venture Capitalists’ Decision to Syndicate," Entrepreneurship Theory and Practice, , vol. 30(2), pages 131-153, March.
    42. Gary S. Becker, 1983. "A Theory of Competition Among Pressure Groups for Political Influence," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 98(3), pages 371-400.
    43. Cornelius Mueller & Paul Westhead & Mike Wright, 2012. "Formal Venture Capital Acquisition: Can Entrepreneurs Compensate for the Spatial Proximity Benefits of South East England and ‘Star’ Golden-Triangle Universities?," Environment and Planning A, , vol. 44(2), pages 281-296, February.
    44. Yan Alperovych & Anita Quas & Thomas Standaert, 2018. "Direct And Indirect Government Venture Capital Investments In Europe," Economics Bulletin, AccessEcon, vol. 38(2), pages 1219-1230.
    45. Bertoni, Fabio & Tykvová, Tereza, 2015. "Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies," Research Policy, Elsevier, vol. 44(4), pages 925-935.
    46. Bart Clarysse & Annelies Bobelyn & Itxaso Palacio Aguirre, 2013. "Learning from own and others’ previous experience: the contribution of the venture capital firm to the likelihood of a portfolio company’s trade sale," Small Business Economics, Springer, vol. 40(3), pages 575-590, April.
    47. Andy Cosh & Douglas Cumming & Alan Hughes, 2009. "Outside Enterpreneurial Capital," Economic Journal, Royal Economic Society, vol. 119(540), pages 1494-1533, October.
    48. Fabio Bertoni & Massimo Colombo & Anita Quas, 2015. "The patterns of venture capital investment in Europe," Small Business Economics, Springer, vol. 45(3), pages 543-560, October.
    49. José Martí & Anita Quas, 2018. "A beacon in the night: government certification of SMEs towards banks," Small Business Economics, Springer, vol. 50(2), pages 397-413, February.
    50. Fabio Bertoni & Alexander Groh, 2014. "Cross-Border Investments and Venture Capital Exits in Europe," Post-Print hal-02313142, HAL.
    51. Garry Bruton & Susanna Khavul & Donald Siegel & Mike Wright, 2015. "New Financial Alternatives in Seeding Entrepreneurship: Microfinance, Crowdfunding, and Peer–to–Peer Innovations," Entrepreneurship Theory and Practice, , vol. 39(1), pages 9-26, January.
    52. Dal Bo, Ernesto & Rossi, Martin A., 2007. "Corruption and inefficiency: Theory and evidence from electric utilities," Journal of Public Economics, Elsevier, vol. 91(5-6), pages 939-962, June.
    53. Heather Brown, 2011. "Marriage, Bmi, And Wages: A Double Selection Approach," Scottish Journal of Political Economy, Scottish Economic Society, vol. 58(3), pages 347-377, July.
    54. Henry Chen & Paul Gompers & Anna Kovner & Josh Lerner, 2010. "Buy Local? The Geography of Venture Capital," NBER Chapters, in: Cities and Entrepreneurship, National Bureau of Economic Research, Inc.
    55. Josh Lerner, 2002. "When Bureaucrats Meet Entrepreneurs: The Design of Effective "Public Venture Capital" Programmes," Economic Journal, Royal Economic Society, vol. 112(477), pages 73-84, February.
    56. Jaaskelainen, Mikko & Maula, Markku & Murray, Gordon, 2007. "Profit distribution and compensation structures in publicly and privately funded hybrid venture capital funds," Research Policy, Elsevier, vol. 36(7), pages 913-929, September.
    57. Cumming, Douglas (ed.), 2012. "The Oxford Handbook of Entrepreneurial Finance," OUP Catalogue, Oxford University Press, number 9780195391244.
    58. Luca Grilli & Samuele Murtinu, 2015. "New technology-based firms in Europe: market penetration, public venture capital, and timing of investment," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 24(5), pages 1109-1148.
    59. Guerini, Massimiliano & Quas, Anita, 2016. "Governmental venture capital in Europe: Screening and certification," Journal of Business Venturing, Elsevier, vol. 31(2), pages 175-195.
    60. Cumming, Douglas, 2007. "Government policy towards entrepreneurial finance: Innovation investment funds," Journal of Business Venturing, Elsevier, vol. 22(2), pages 193-235, March.
    61. David de Meza & David C. Webb, 1987. "Too Much Investment: A Problem of Asymmetric Information," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 102(2), pages 281-292.
    62. Ross Brown & Suzanne Mawson & Colin Mason, 2017. "Myth-busting and entrepreneurship policy: the case of high growth firms," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 29(5-6), pages 414-443, May.
    63. Chang, Sea Jin, 2004. "Venture capital financing, strategic alliances, and the initial public offerings of Internet startups," Journal of Business Venturing, Elsevier, vol. 19(5), pages 721-741, September.
    64. Elisa Ughetto & Giuseppe Scellato & Marc Cowling, 2017. "Cost of capital and public loan guarantees to small firms," Small Business Economics, Springer, vol. 49(2), pages 319-337, August.
    65. Rui J. P. De Figueiredo & Geoff Edwards, 2007. "Does Private Money Buy Public Policy? Campaign Contributions and Regulatory Outcomes in Telecommunications," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 16(3), pages 547-576, September.
    66. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    67. Grilli, Luca & Murtinu, Samuele, 2014. "Government, venture capital and the growth of European high-tech entrepreneurial firms," Research Policy, Elsevier, vol. 43(9), pages 1523-1543.
    68. Joshua Lerner, 1994. "The Syndication of Venture Capital Investments," Financial Management, Financial Management Association, vol. 23(3), Fall.
    69. Block, Joern & Sandner, Philipp & De Vries, Geertjan, 2010. "Venture capital and the financial crisis: an empirical study across industries and countries," MPRA Paper 20287, University Library of Munich, Germany.
    70. Dimov, Dimo P. & Shepherd, Dean A., 2005. "Human capital theory and venture capital firms: exploring "home runs" and "strike outs"," Journal of Business Venturing, Elsevier, vol. 20(1), pages 1-21, January.
    71. Luc Armel G. Da Gbadji & Benoit Gailly & Armin Schwienbacher, 2015. "International Analysis of Venture Capital Programs of Large Corporations and Financial Institutions," Entrepreneurship Theory and Practice, , vol. 39(5), pages 1213-1246, September.
    72. Wilson, Nick & Wright, Mike & Kacer, Marek, 2018. "The equity gap and knowledge-based firms," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 626-649.
    73. Vladimir I. Ivanov & Fei Xie, 2010. "Do Corporate Venture Capitalists Add Value to Start‐Up Firms? Evidence from IPOs and Acquisitions of VC‐Backed Companies," Financial Management, Financial Management Association International, vol. 39(1), pages 129-152, March.
    74. Guan, JianCheng & Yam, Richard C.M., 2015. "Effects of government financial incentives on firms’ innovation performance in China: Evidences from Beijing in the 1990s," Research Policy, Elsevier, vol. 44(1), pages 273-282.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Zhang, Jing & Fan, Yueqi & Liu, Ye, 2024. "The effects of government venture capital: New evidence from China based on a two-sided matching structural model," Journal of Corporate Finance, Elsevier, vol. 84(C).
    2. Audretsch, David & Colombelli, Alessandra & Grilli, Luca & Minola, Tommaso & Rasmussen, Einar, 2020. "Innovative start-ups and policy initiatives," Research Policy, Elsevier, vol. 49(10).
    3. Rayenda Khresna Brahmana & Maria Kontesa, 2023. "‘No Better Fund Without Me!’ Do Narcissistic Start-up Entrepreneurs Succeed in Venture Funding?," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 32(3), pages 638-666, November.
    4. Yongyuan Ma & Ao Shen & Qingyuan Zhu & Peng Wang, 2022. "Media environment, venture capital, and technological innovation: Evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(6), pages 1734-1747, September.
    5. Berger, Marius & Hottenrott, Hanna, 2021. "Start-up subsidies and the sources of venture capital," Journal of Business Venturing Insights, Elsevier, vol. 16(C).
    6. Köppl-Turyna, Monika & Köppl, Stefan & Bittó, Virág, 2022. "Herausforderungen in der Finanzierung der Energiewende und Rolle des Risikokapitals," Policy Notes 51, EcoAustria – Institute for Economic Research.
    7. Köppl-Turyna, Monika & Köppl, Stefan & Christopulos, Dimitris, 2023. "How to support cleantech start-ups? Lessons from European venture-capital deals," Research Papers 25, EcoAustria – Institute for Economic Research.
    8. Li, Yuchen & Meng, Jiayin & Zhou, Ruifan & Wang, Ying, 2024. "Does governmental venture capital (GVC) advance green innovation? Big data evidence from China," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 772-788.
    9. Qilin Cao & Anhong Hou & Xiang Li & Chunxue Jiang, 2022. "Spatial Impact of Government Venture Capital on Urbanization and Its Path—Evidence from the Yangtze River Delta Urban Agglomeration in China," Land, MDPI, vol. 12(1), pages 1-21, December.
    10. Jonathan Labbe, 2021. "Study of The Relationship Between Public and Private Venture Capitalists in France: A Qualitative Approach," Post-Print hal-03381477, HAL.
    11. Thomas Ulmer & Ulrich Pape, 2022. "Streamliners, Switchmen and Bridge Builders: About the Mechanisms and Uniqueness of Accelerator Programs," Sustainability, MDPI, vol. 14(23), pages 1-25, November.
    12. Barrett, Gillian & Tsekouras, George, 2022. "A tango with a gorilla: An exploration of the microfoundations of open innovation partnerships between young innovative companies and multi-national enterprises," Technovation, Elsevier, vol. 117(C).
    13. Jonathan Labbe, 2021. "Study of The Relationship Between Public and Private Venture Capitalists in France: A Qualitative Approach," Papers 2110.09098, arXiv.org.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Guerini, Massimiliano & Quas, Anita, 2016. "Governmental venture capital in Europe: Screening and certification," Journal of Business Venturing, Elsevier, vol. 31(2), pages 175-195.
    2. Fabio Bertoni & Massimo G. Colombo & Anita Quas, 2019. "The Role of Governmental Venture Capital in the Venture Capital Ecosystem: An Organizational Ecology Perspective," Entrepreneurship Theory and Practice, , vol. 43(3), pages 611-628, May.
    3. Richard T Harrison & Babangida Yohanna & Yannis Pierrakis, 2020. "Internationalisation and localisation: Foreign venture capital investments in the United Kingdom," Local Economy, London South Bank University, vol. 35(3), pages 230-256, May.
    4. Munari, Federico & Toschi, Laura, 2015. "Assessing the impact of public venture capital programmes in the United Kingdom: Do regional characteristics matter?," Journal of Business Venturing, Elsevier, vol. 30(2), pages 205-226.
    5. Colombo, Massimo G. & D’Adda, Diego & Quas, Anita, 2019. "The geography of venture capital and entrepreneurial ventures’ demand for external equity," Research Policy, Elsevier, vol. 48(5), pages 1150-1170.
    6. Annalisa Croce & Jose Martí & Carmelo Reverte, 2019. "The role of private versus governmental venture capital in fostering job creation during the crisis," Small Business Economics, Springer, vol. 53(4), pages 879-900, December.
    7. Thomas Standaert & Sophie Manigart, 2018. "Government as fund-of-fund and VC fund sponsors: effect on employment in portfolio companies," Small Business Economics, Springer, vol. 50(2), pages 357-373, February.
    8. Suchard, Jo-Ann & Humphery-Jenner, Mark & Cao, Xiaping, 2021. "Government ownership and Venture Capital in China," Journal of Banking & Finance, Elsevier, vol. 129(C).
    9. Bertoni, Fabio & Martí, Jose & Reverte, Carmelo, 2019. "The impact of government-supported participative loans on the growth of entrepreneurial ventures," Research Policy, Elsevier, vol. 48(1), pages 371-384.
    10. Mark R. Ayoub & Sandra Gottschalk & Bettina Müller, 2017. "Impact of public seed-funding on academic spin-offs," The Journal of Technology Transfer, Springer, vol. 42(5), pages 1100-1124, October.
    11. Alperovych, Yan & Hübner, Georges & Lobet, Fabrice, 2015. "How does governmental versus private venture capital backing affect a firm's efficiency? Evidence from Belgium," Journal of Business Venturing, Elsevier, vol. 30(4), pages 508-525.
    12. Yuejia Zhang, 2018. "Gain or pain? New evidence on mixed syndication between governmental and private venture capital firms in China," Small Business Economics, Springer, vol. 51(4), pages 995-1031, December.
    13. Berger, Marius & Hottenrott, Hanna, 2021. "Start-up subsidies and the sources of venture capital," Journal of Business Venturing Insights, Elsevier, vol. 16(C).
    14. Fabio Bertoni & Massimo Colombo & Anita Quas, 2015. "The patterns of venture capital investment in Europe," Small Business Economics, Springer, vol. 45(3), pages 543-560, October.
    15. Massimiliano Guerini & Francesca Tenca, 2018. "The geography of technology-intensive start-ups and venture capital: European evidence," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 45(3), pages 361-386, September.
    16. Soleimani Dahaj, Arash & Cozzarin, Brian Paul, 2019. "Government venture capital and cross-border investment," Global Finance Journal, Elsevier, vol. 41(C), pages 113-127.
    17. Laura Abrardi & Annalisa Croce & Elisa Ughetto, 2019. "The dynamics of switching between governmental and independent venture capitalists: theory and evidence," Small Business Economics, Springer, vol. 53(1), pages 165-188, June.
    18. Annalisa Croce & Elisa Ughetto, 2019. "The role of venture quality and investor reputation in the switching phenomenon to different types of venture capitalists," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 46(2), pages 191-227, June.
    19. Jianjun Xu & Lijie Yu & Rakesh Gupta, 2020. "Evaluating the Performance of the Government Venture Capital Guiding Fund Using the Intuitionistic Fuzzy Analytic Hierarchy Process," Sustainability, MDPI, vol. 12(17), pages 1-24, August.
    20. Engberg, Erik & Halvarsson, Daniel & Tingvall, Patrik, 2017. "Direct and Indirect Effects of Private- and Government Sponsored Venture Capital," Ratio Working Papers 288, The Ratio Institute.

    More about this item

    Keywords

    Governmental venture capital; Equity gap; Experience; Regional characteristics; Regulatory capture;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:respol:v:49:y:2020:i:10:s0048733320301293. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/respol .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.